SELL Area - 1.4643 ( My Target : 1.4584 Next : 1.4550)
BUY Area - 1.4685 ( My Target : 1.4705 Next : 1.4744 Next : 1.4778)
Salam and Hi....
Today is a Bank Holiday in most country in Europe. That mean no so much trading activity today. So better sit down and study back what you have learn from me before. Anyway trading range today is between 1.4580 to 1.4957 and maybe monday morning more activity will happen. If the initial resistance hold at 1.4778 candle possibility may drop to 1.4290 area Next Week. Until then Good Luck.
Allah Hu.
Friday, April 10, 2009
From Market oracle.. please read !!!
The USD held gains today as risk-aversion in equities prompted dollar-buying pushing the majors into key S/R at the start of the day. Although the Greenback is higher across the board today volumes were lighter and traders noted quality buying of the majors into the lows. Confirmed sovereign and semi-official names were seen buying EURO and GBP on the dips holding those pairs off their early New York lows.
GBP low prints at 1.4580 was not challenged in New York today and the rate lifted to a two-pip high at 1.4780 before settling back to the 1.4720 area; traders note stops in-range above the 1.4720 area seen as daily resistance and with the rate holding gains from the start of New York traders are expecting further gains overnight despite weakness in equities seen to start the week.
Across the board the USD rally today has failed to extend gains suggesting that despite risk-aversion trade today this firmness is likely a corrective rally rather than the start of a move higher. Although many traders remain bullish USD for the near-term the rallies seem to lack conviction; further strength is likely to be offered and aggressive traders need to see this rally as a selling opportunity. Look for the USD to remain two-way overnight with any strength to be on light volume and holding under resistance. With a light economic calendar ahead the action should be technical for the most part.
GBP/USD Daily
Resistance 3: 1.5040/50, Resistance 2: 1.5000, Resistance 1: 1.4950
Latest New York: 1.4736, Support 1: 1.4650, Support 2: 1.4580, Support 3: 1.4550
Comments
Rate falls through stops layered under the 1.4650 area for lows on support at 1.4580; pullback being bought by large names traders say. Aggressive traders can look to re-set longs on the dip; stops above the market from late shorts around 1.4720 area cleared today. Traders note support is likely firm at the 1.4450 area as expected. Close over 1.4900 argues for further gains but tech resistance is firm ahead of 1.5000. Overhead target of the 1.5000 area likely to trade but expect pressure. Traders feel the 23-year lows will likely remain secure. The shorts may have lost control of the market above the 1.4440 area now and if that is the case a test of the 1.5000 area is almost a done-deal. Traders report stops in-range adding for two-way action.
Data due Wednesday: All times EASTERN (-5 GMT)
5:30am GBP BRC Shop Price Index y/y
GBP low prints at 1.4580 was not challenged in New York today and the rate lifted to a two-pip high at 1.4780 before settling back to the 1.4720 area; traders note stops in-range above the 1.4720 area seen as daily resistance and with the rate holding gains from the start of New York traders are expecting further gains overnight despite weakness in equities seen to start the week.
Across the board the USD rally today has failed to extend gains suggesting that despite risk-aversion trade today this firmness is likely a corrective rally rather than the start of a move higher. Although many traders remain bullish USD for the near-term the rallies seem to lack conviction; further strength is likely to be offered and aggressive traders need to see this rally as a selling opportunity. Look for the USD to remain two-way overnight with any strength to be on light volume and holding under resistance. With a light economic calendar ahead the action should be technical for the most part.
GBP/USD Daily
Resistance 3: 1.5040/50, Resistance 2: 1.5000, Resistance 1: 1.4950
Latest New York: 1.4736, Support 1: 1.4650, Support 2: 1.4580, Support 3: 1.4550
Comments
Rate falls through stops layered under the 1.4650 area for lows on support at 1.4580; pullback being bought by large names traders say. Aggressive traders can look to re-set longs on the dip; stops above the market from late shorts around 1.4720 area cleared today. Traders note support is likely firm at the 1.4450 area as expected. Close over 1.4900 argues for further gains but tech resistance is firm ahead of 1.5000. Overhead target of the 1.5000 area likely to trade but expect pressure. Traders feel the 23-year lows will likely remain secure. The shorts may have lost control of the market above the 1.4440 area now and if that is the case a test of the 1.5000 area is almost a done-deal. Traders report stops in-range adding for two-way action.
Data due Wednesday: All times EASTERN (-5 GMT)
5:30am GBP BRC Shop Price Index y/y
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